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Understanding QuickBooks Payroll can be a bit of a challenge for some. Whether you carry out the work of payroll on a desktop or in the cloud, you confront a lot of options that guide you with managing payroll according to your needs. QuickBooks is a widely used package by bookkeepers, accountants, and customers. However, there are many users who get confused when they see all of the options related to payroll. It is crucial to understand these beneficial options to carry out tasks effectively, without disturbance.

Desktop Payroll

For those who use QuickBooks desktop payroll, it is essential to know that there is no necessity to fill out the payroll tax form and it comes at a low cost. On the other hand, you can do on your own by filing the payroll tax and good job costing. The work related to job costing is easy in the version that is introduced in desktop. It is considered quite convenient for contractors who want to code for functions. The worker’s comp code can easily utilize all of these aspects in QuickBooks desktop payroll. The same feature is not as easy in QuickBooks online.

Full Service Payroll 

In the course of payroll, full service payroll is considered another effective option when clients are looking for some one rather than you. This is because they need someone to take responsibility for their tax payments and filings. In this respect, full service payroll takes the responsibility of federal and state payroll fillings as well as payments from the accounts of the user.  

Online Payroll

It is important to acknowledge that there is a great difference between QuickBooks online payroll within the domain of QuickBooks online. The most important aspect is that one must be sure that tax rates and previous payrolls are managed and recorded properly. It is essential because it is not easy to adjust them. However, this aspect can be easily sorted out through QuickBooks desktop. The other good thing about QuickBooks online is that they identify the names of their products in the format that you are using.

 Benefits of QuickBooks Payroll

QuickBooks, itself, contains a lot of benefits for small business. It is important to have command over QuickBooks payroll which makes the work easier for those who have a hard time managing accounts. This effective component helps a lot in the management of taxes and keeping the accounts clear regarding employee payments and the number of employees that are engaged in the business. The work can be easily managed on desktop and online. QuickBooks is easy for small business owners to keep appropriate records and proficient bookkeeping. The demand of QuickBooks payroll is increasing day by day because it is so easy to manage. The software is full of options that make it possible to carry out financial and tax work accordingly. It is becoming the first choice among small business owners. For those who are not familiar with the procedures, there are websites that can instruct them on how to get through the process. 

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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The “Accounting and Small Business Software, Software Evaluation Center” continuously researches to provide it’s customers up to date guidance for their accounting needs.

According to technology evaluation centers, accounting and bookkeeping applications typically support general ledger, accounts payable, accounts receivable, payroll, project estimation, and multinational accounting. Many small to medium businesses need other functions such as inventory control and financial reporting.

Businesses looking for financing in new accounting and financial software often make lists of “must have” features long before making a decision on which software to purchase. Security, excellence of performance, customization options, and hosting choices are all frequently considered during the course of their decision making.

Accounting and financial software are computer programs specially designed for performing daily accounting tasks and business bookkeeping functions.

Features of Accounting and Financial Software for Small Businesses

The following are accounting and bookkeeping tasks that are important for a small business.

  • Inventory management
  • Sales tracking
  • Contacts management and contact history tracking
  • Account to accept credit card payments
  • Generating Invoices
  • Financial statements, cash flow statements and balance sheet
  • Budget planning
  • Payrolls
  • Taxation matters

According to a fresh study from the Technology Evaluation Centers (TEC), financial directors want accounting and financial software to go outside accounting dealings and three-monthly reports to help make tactical decisions about the business’s future.

Accounting software features that organizations value the most include the following:

  • Accounts receivable: 64 percent of respondents requested
  • Web browser access: 41 percent of respondents gave it a top priority
  • The ability to be hosted on a Windows server environment: requested by 64% of respondents

 Cost

Cost is a concern for most small to medium-sized business owners. Purchasing a costly software with highly-advanced features will not help a small business if it isn’t the proper software. However, the above-mentioned features of web browser access and connection with SQL server was a high demand from small to medium-sized business owners.

Characteristics of Financial Software Most Frequently Sought by Potential Clients

All organizations purchasing an accounting and financial software are looking for features that would support the following:

  • General ledger
  • Accounts payable (AP)
  • Accounts receivable (AR)
  • Cash management
  • Financial reporting

However, subject to the type of industry, additional features may be reflected such as the following:

  • Fixed assets
  • Cost accounting
  • Budgeting
  • Project accounting
  • Multicurrency, multi-entity and multi-national support

In current years, accounting and financial software pursuers have shown concern in the newest technological developments and innovations that have infiltrated the business software market and reduced software solutions as more affordable, user-centric, and elastic.

New Abilities in Accounting and Financial Software Wanted by Organizations

  • Vertical industry-focused solutions
  • Cloud-based software delivery
  • Subscription-based pricing model
  • Fully functional access to the software via a variety of mobile devices
  • Social media tools accommodation
  • Bring-your-own-device (BYOD) principle accommodation

The above-mentioned data about the newest choices, preferences, and interests shown by organizations are published in a report that can be obtained below:

https://www.acumatica.com/analyst-reports/what-organizations-want-in-accounting-and-financial-software/

According to TEC’s data, more than 47 % of accounting and financial software seekers wanted a software that ensures the accounting system be compatible with Microsoft SQL server database. 29 percent of the respondents wanted system compatibility with Oracle database, while 27% were appreciated if the software has the compatibility with the Microsoft Access database.

Microsoft Access follows platforms for accounting and financial software markets and indicates that many organizations seek for simple, less costly platforms that should also be compatible with Microsoft SQL or Oracle. SaaS databases were the choice of 14% of accounting and financial software pursuers.

Conclusion

The recent change in technology has also brought change in choices among organizations for their choice of options in accounting and financial software. TEC generated a report based on its research on what organizations want in the accounting and financial software that they are going to purchase. Software developers can get data to work on producing software per their clients’ requirements.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 



What is QuickBooks?

QuickBooks is an accounting software package that is developed by Intuit. This software is an assisting program that helps you carry out various accounting solutions with ease and organization. The software targets small to medium sized businesses to help with their accounting services and is now also available with cloud-based versions complete with payroll, pay, and manage bills functions.

How is QuickBooks Beneficial for your Business?

If you are a small business or a start-up, QuickBooks is the ultimate accounting tool for you. Some of its unique features and benefits it could bring to your company are as follows.

Money Management

QuickBooks has features that help small and medium sized businesses manage their finances and money. This software allows you to keep track of transactions, pay timely bills, and keep each transaction recorded for audit purposes.

Expense Billing

The accounting software allows you to record and tally each of your expenses, no matter how big or small, allowing you to keep better track of your money.

Sales Invoices

QuickBooks allows you to create and print invoices at the touch of a button. Hence, helping you to keep proper track of your inventories and providing you ease in your business operations.

Why You Can’t Buy A Used Copy Of QuickBooks

Intuit and all partners that are licensed for the sale of the QuickBooks are strictly against buying and using old copies of this software. This is because customers who buy used copies of the program and try using it always face problems and issues leading them to not get the best results from the software. This dissatisfaction causes customers to cease use of the software and a lot of money and resources are put to waste. It is strongly recommended that all customers buy new copies for a better experience and smoother performance.

The most common problems faced by those who buy a used copy of QuickBooks are listed below.

Installation

QuickBooks could be installed using a CD or by buying an online version and downloading it to your system. However, as the installation process progresses, the software asks you to provide a particular license and product number.

If your copy is original and new, the license and product code are provided and this allows you to continue with the installation. However, if your copy is used or comes from an unauthorized dealer, you will not have the correct license and product number. As a result, you will not be able to install the program and, in turn, have lost your money and time to do something that was not productive for your start-up or small business.

If a problem is faced when downloading an original program, the customer help desk is always available to sort out your issues.

Registration

If, by any chance, you have the original license and product code for a used copy of QuickBooks, there is a huge chance that you will have issues registering the software.

In the original software, Intuit verifies if you have a genuine version by asking you to enter your Intuit account details. Further more, you are requested to put in contact numbers and mailing IDs. If a used copy is installed, Intuit will detect the version of the software that you are trying to use and recognizes it as registered under a different name already. In that case, it will deny you access to your program or access only limited features of the software.

Usage

Even if you somehow manage to get through the process of registration and installation, the limited features that Intuit would allow you access will not provide you with the results that a new software would. Hence, wasting valuable resources such as time, money, and a disgruntled customer experience.

It is suggested that buying a used copy of the software is a bad idea and it is better to get a new version of QuickBooks for your small business or start-up.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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As you reach closer to the end of the year, organizing finances is the first priority for every business. A bookkeeping solution that is simple, secure and scalable is exactly what you need at this point. QuickBooks accounting is a tool which provides a rich archive for account tracking, invoicing as well as vendor and employee management. While it is a simple tool that solves most of your accounting needs, it can be difficult to be pro at it right from the start. Therefore, with a few simple tips and steps, you will be on the way to managing your numbers with ease.

Find an Accountant

Migrating all of your finances to QuickBooks requires the services of a professional accountant/bookkeeper so that you can discuss the details with someone who has experience in managing such tasks. Every business has unique need. A professional accountant is best suited to understand them and match your business specifics with the QuickBooks accounting tools. You must oblige by certain state rules and regulations as well as set right conventions for tracking business expenses. This is all best handled by someone who is familiar with the process.

Review QuickBooks’ Basics

Getting acquainted with the tools should be your next step, even if you consider yourself to be an avid learner. The Getting Started tab in the software allows you to know how it works and the way it thinks about managing your expenses. QuickBooks recognizes revenue as ‘Money in’ and expenses as ‘Money out’. Therefore, you must get acquainted with these terms for efficient use. The flow of the revenue and expenses is classified as ‘Getting around’.  Knowing these QuickBooks accounting basics will ensure that you are ready to use it to the best of its abilities.

Secure Everything

Security is one of the most important factors when it comes to managing your finances. Before you use QuickBooks for anything else, your first priority should be to set a unique and complex password by navigating to the ‘your account’ tab in the software. The passwords should be regularly updated because the tool will be directly linked to your bank account. Apart from setting up passwords, you can use advanced hardware on your computers that are resistant to hacking and viruses. Keeping backup data is also important so that any unwanted situation related to data loss can be avoided.

Enter Business Essentials

QuickBooks lets you manage all business essentials on the go but, for that, you must first enter everything manually. Enter your financial information and other details in the ‘company’ tab under the ‘preferences’ link. Most critical details will vary on your type of business and preferences. However, some of the basic elements of every business are related to reporting forms, tax ids and reporting calendars. Once you have entered all details, ensure that they are updated and error-free. Any mistake can be fatal because everything is interconnected.

Enter Client Info

The ‘customer’ tab in QuickBooks accounting is one of the most important for you because customers are the ones who will eventually bring profit to your company. While mentioning all relevant customer information is vital, it is critical to determine the payment method adopted by the customer. You will have to ask them if they will pay with cash, credit card or a check. Setting the right option at the start will help you sort out many issues related to payments later on. Send them a test invoice to ensure that everything is working smoothly.

Track the Money Flow

The banking tab on your QuickBooks accounting tool is used to determine how and where your money is spent and what is actually coming into the business. ‘Write checks’, ‘cash expense’, ‘deposits’, and other similar tabs must be used to record your expenses and sales. ‘Activity’ reports will show who is responsible for specific transactions which is important as you need to keep a check on everything.

After everything is set up, you are ready to generate a profit and loss report which gives you a clear picture of where your business stands. All of this is done with just a few simple clicks and a QuickBooks accounting tool.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

 

 

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Accounting software has made bookkeeping and finances easier than ever. With a cluster of options to choose from, the software may be used to perform almost each and every one of the complex bookkeeping tasks that were once handled manually. Moreover, the bank auto connect option enables one to import their bank statements into the accounting software of your choice. This option allows for all bank transactions to be updated automatically in bookkeeping records. However, there are exceptions to this import functionality and a few are discussed in the paragraphs that follow.

Access Denied

Despite a company choosing to use accounting software to ease the burden of keeping track of business finances, there may be restrictions imposed on access to transactions by their bank. For instance, integration of the software with the bank’s internal system may not be allowed. Moreover, the bank could refuse access to any and all business bank transactions to the software. In such a case, importing bank statements into an accounting software is likely to fail. This might as well be a safeguard or internal control implemented by the bank’s management in order to ensure secure access and security against vulnerable accounting software.

Format Unsupported

Another reason for import failure may be attributed to formatting issues that have become a serious matter worth contemplating recently. The data could be in such a format that the accounting software cannot easily import it. Depending on whether the software has a potency for adjusting to every data format, this may impede the seamless process of importing bank statements into accounting software. Therefore, it is essential that the software supports the type of format that the data entails to allow import. In addition to this, the software may not support importing bank statements for data that may be older than a few weeks. An alternate importing mechanism may have to be installed in order to do so.

Connectivity Issues

When importing bank statements into accounting software, the connection may not be supported at all times from every remote location. Since banks have implemented internal controls for safety purposes, connectivity of the software with the bank could be an issue. Imagine what could happen if accessing information from the bank was this easy. Therefore, the connection may be allowed for a limited amount of time and only at certain times, per the terms and regulations agreed upon with the bank.

Tax Separation

Another reason why importing bank statements into accounting software may fail is that the particular software is not capable of separating the tax on purchases from the transactions. Tax calculations is an essential matter for many businesses and these must be bifurcated individually in order to estimate the total tax figure. Owing to variable tax rates on different products, these taxes may not be separated out as intended or with complete accuracy. 

Dubious Accuracy

One of the most crucial issues relates to the accuracy of categorization of data. Accounting software can input data with perfection. However, categorization of each transaction is not a possibility unless a criterion for each accounting element and its class has been defined in the software. Without these, the classification of data from the bank statement may be a dubious representation by the software. Moreover, bank statements tend to provide a limited amount of information such as date, amount, and information regarding the supplier. Details are usually not recorded on statements which makes this classification even more skeptical.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Businesswoman wearing orange blouse doing accounting and calculating with a calculator in a desktop at office

Value Your Hard-Earned Money

The biggest misconceptions about household budgeting are spending less, compromising on your superfluity lifestyle, and financial restrictions on everything, which means no family hangouts, no shopping, and no vacations. Budgeting may be associated with a frugal lifestyle but it doesn’t have to be in reality. Budgeting doesn’t have to make you spend less but it surely allows you to spend smart, as it prevents you from overspending on less important items. Staying on top of your hard-earned money is essential for ideal budgeting because, without knowing your monthly expense limit, you cannot expect to have success. Similarly, you cannot expect to make better financial decisions and projections if you do not have a clear picture of your cash flow or finances.

Allocating Your Paycheck(s) Wisely

Although people may have different perspectives about household budgeting, no one can deny the fact that households can save a lot of money for hard times if they budget their monthly paycheck(s) properly. Households must set their priorities and budget their resources effectively in order to have a financially secure and stable future. Creating a household budget to limit certain extraneous expenses and knowing the actual status of your finances requires a lot of commitment, patience, planning, and wisdom. In fact, it is your motivation and determination that encourages you to save for your family to meet financial uncertainties and emergencies.

Budgeting Helps in Maintaining a Healthy Lifestyle

Cutting monthly expenses is certainly an intimidating task for most households, especially for those who have just tied the knot. You and your significant other ideally need to make a household budgeting plan right from the beginning in order to have a financially secure and healthy lifestyle. The need to manage your paycheck(s) has become more intense than previous times which means an ideal management of resources is nearly impossible without making a proper budgeting plan.

Household Budgeting Options

Households that cannot budget their paycheck(s) properly have two options to consider. 1) Hire a budgeting partner 2) Employ household budgeting software. Those who find it challenging and costly to hire a personal budgeting mentor can utilize advanced budgeting software to budget their monthly paycheck(s). All that you need to do is search and utilize the software that has the capacity to deliver you the best results and budgeting plan according to your needs.

Managing Accounts with Accounting Software

Have you ever wondered why so many start-ups fail to manage their internal and external finances? The reason is obvious. They most likely lack the accounting knowledge, skills, and abilities to manage their finances and reduce costs that can be avoided. Plus, they also fail to maintain an order in their cash flow (influx or outflow of cash). Sketching a clear picture of your financial standing may be hard but not impossible. Businesses also have two options to know the current financial position of their company. Either to 1) Hire an accounting professional or 2) Use accounting software.

Accounting Software Or Household Budgeting Software—Is There A Difference?

Yes, accounting and household budgeting software are completely different from each other but both serve the right need of their own respective domains! Accounting software helps business owners to reduce costly errors, minimize tax bills, repayments of debt(s) and, hence, help businesses of every scale to know the exact status of their finances for making financial projections. On the other hand, household budgeting software helps families to manage their monthly paycheck(s) and allocate their hard-earned income wisely.

Accounting and Budgeting—Done Right!

The best part is now you have access to the finest accounting/bookkeeping agencies that will not only help you to manage your accounts but also help you with household budgeting. There are also some companies that offer a discounted bundle of services or packages which can be cost-effective and reliable.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Shot of an financial advisor professional woman sitting in front of laptop and discussing with young financial assistant about business plan.
QuickBooks is a software for accountants and for using in businesses to increase accounting efficiency. Accounting efficiency will lead to accurate and up to date financial statements. With software, bookkeeping is done with less time and energy. Accounting efficiency is greatly enhanced by using specific accounting software.

Benefits of Accounting Software

The introduction of accounting software was a blessing for traders. The amount of time saved, which was previously used in manual bookkeeping and accounting tasks, is very valuable. These software come with high prices but the benefits are worth their price. Any business owner/entrepreneur who wants to grow their business must rely on purchasing valuable accounting software.

Accounting software reduces time in bookkeping and promotes proficiency in a business accounting. With the passage of time, the softwares have become very advanced and secure. Giant firms require complicated features in their accounting software, while small and medium size businesses require less features in their accounting software.

Accounting software has special features to ensure up to date financial statements from all entities and ensure they are accurate.

One such software is QuickBooks. QuickBooks is designed for small to medium size firms and businesses.

Features of QuickBooks Accounting Software

There are so many important features in QuickBooks accounting software.

  1. An easy to use software.
  2. Customization in the software according to the work to be done.
  3. This software can share data with other applications like Microsoft.
  4. There is a feature of online payments in QuickBooks Software.
  5. QuickBooks allows its user to easily track the cash in and cash out data.
  6. Invoices can easily be made using this software. Detail of invoice activity can be checked.
  7. QuickBooks analysis and Report options make it easier to view important accounting statements and financial reports.

Limits of QuickBooks

Like any other software, QuickBooks was designed to enhance accounting efficiency in a business, not to replace the accountants. Any accounting software cannot completely replace an accountant whatever features it might use. The same is the case with QuickBooks accounting software. The QuickBooks promotional statement, ‘Do it Yourself’, does not mean that accounting can be done without the knowledge and experience of an accountant.

QuickBooks is just a tool to manage bookkeeping and accounting easily. It is a tool to be used in a business to eradicate errors in financial statements. It comes with features to ensure error free,multi-tasking accounting in a timely manner. Accounting software is used to keep the business ready for audits. But, these tools have to be used by real humans with knowledge and experience in accounting and bookkeeping.

Limits

As accountants work as consultants in developing accounting software, the accountants use these accounting software tools to save their time in computations.

QuickBooks can compute a tax amount, but the final judgement is in the hands of an accountant. An accountant can inform tax credits and tax deductions that can be availed.

Instead of using QuickBooks yourself, hire an accountant to do the job. Take your time as a business owner/entrepreneur to do more important tasks required for the growth of your business.

There are more sales, but profit isn’t increasing? Let the accountants do their job to take an objective look and point out where costs can be amended to surge profit margins. Investors need detailed, transparent, and accurate financial reports. QuickBooks can be used as a tool by the accountants to create such reports. An accountant can pad out the financial portion of a business plan to get funding from investors or loans from banks. 

Selling a part of your business needs an accountant’s consultation for the tax payments. Accountants will prepare and guide owners/entrepreneurs during the stressful time of audit.

Conclusion

QuickBooks is an essential and a brilliant software for small and medium size firms. It covers all of the features that are essential for running an accounting software, but a software cannot replace an experienced professional. Even small and medium size businesses need an accountant hired to operate QuickBooks accounting software. QuickBooks is merely a tool to manage bookkeeping and accounting statements in a timely and error free manner. The real decisions are made by real people.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

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Accounting is key to managing finances but, for small business owners, accounting is a cumbersome and time-consuming process. The easy way to manage business finances is to utilize the tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparations for the future. These tools make handling your small business easier and simple. Expensive software is not recommended for a small business because a small business has to manage simple accounting operations and general ledgers. Cloud-based accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks such as bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

Here are five cloud-based accounting software with reasonable prices.

1. Fresh Books

Fresh Books is an online accessible accounting application. Fresh Books is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

You can access it from a desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates. Many useful reports are also generated by this application, i.e. Profit and Loss reports, taxes, and accounting reports.

It is easy to use the app and can be used by owners with no financial background. The Fresh Books Help boxes guide the user to the next step while performing any task. And the user doesn’t find it difficult to use. 

A 30 days free subscription of Fresh Books is available for new users. After that, it costs $19.95 a month.

2. QuickBooks Online Simple Start

QuickBooks is a simple accounting software, accessible from smart phones and is especially useful for small businesses.  It is used to generate customized invoices, track expenses and sales, and download bank transactions.  The data saved on QuickBooks can be exported to other apps like excel for generating required accounting reports. Payroll can also be processed by using QuickBooks. Its 30 days free trial is available for beginners.

3. Kashoo

Kashoo is a cloud-based accounting app for small business, accessible from the Web browser and iPad. It has a simple dashboard for pending transactions. It has the following features:

  • Creates professional invoices
  • Categorizes income and costs
  • Connects with online credit cards and bank accounts
  • Online Sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

4. Outright

Outright is an online cloud accounting system for small businesses used for tracking expenses, profit, sales and customers. Bank accounts and other sites like PayPal, eBay, Fresh Books and web stores can be connected to Outright and data can be easily exported from one app to another. The data can be organized into categories approved by the IRS, so workload and stress due to tax are decreased. This app is also accessible from an iPhone and mobile devices. There is a free version of Outright, with limited features available.

5. Xero

Xero online accounting app is used to manage bookkeeping for small business. It has the following features:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by small businesses
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, and inventory management packages are also available on demand.

Conclusion

The above mentioned Fresh Books, QuickBooks, Kashoo, Xero, and Outright are the examples of online cloud-based software which are affordable, simple, and easy to use. These software and applications make bookkeeping and accounting operations easy and less time-consuming.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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QuickBooks accounting software, designed by Intuit, is known for being one of the best accounting software programs on the market. Although it may not be the most important decision for small business owners, it is essential to differentiate between different suites of QuickBooks. Every QuickBooks software program offers different features that suit unique business operations. Rather than spending money on the wrong type, one should wisely compare QuickBooks Pro vs Premier to find out which version is best for their business.

When new to QuickBooks, it is not easy to differentiate between both editions as both have multiple attractive options. This article will help you decide on the best edition for your business. If you are looking for a desktop edition of QuickBooks, you are likely stuck between QuickBooks Pro and QuickBooks Premier for your small to medium scaled business. Before comparing the features of both editions, you must understand what QuickBooks is and how it can help you in your business operations. QuickBooks is known for being the smartest accounting tool for small business owners. Small to medium sized business owners prefer using QuickBooks for managing their accounting and bookkeeping processes such as paying invoices on time, accepting payments from vendors, and tracking inventory expenses in one single platform. However, before purchasing any product of QuickBooks, one should understand the following points:

  1. The features of QuickBooks products can change. Therefore, research the bookkeeping software just before purchasing any product.
  2. The products in a QuickBooks portfolio have nuances as there are very minor differences between each product.
  3. The products of QuickBooks can be discontinued or replaced with a different product by the developers. Therefore, carefully analyze the product before making any purchases.

 QuickBooks Pro

QuickBooks Pro is a product of Intuit’s QuickBooks accounting software that is designed with an aim to simplify the basic accounting tasks of small business management. Being the oldest product of Intuit in the business accounting range, QuickBooks Pro was created in early 2000. However, to date, QuickBooks Pro has evolved with the ever-changing needs of businesses today.

QuickBooks Pro is a complete software package for businesses who are aiming for a less complicated and more user friendly accounting system. The software does not have additional packages, however, this makes QuickBooks Pro more affordable than the Premier edition.

 Main Features of QuickBooks Pro

QuickBooks Pro has many built-in features to assist businesses in their accounting operations: 

  • Multi-Monitor Support: QuickBooks Pro allows licensed customers to take care of their business faster on three monitors. The program will allow three users of your business to operate with one licensed purchase. With this, a business can manage the list of customers on one screen, while tracking invoices and payments coming from the customer on the other two screens.
  • Past Due Stamp: Another attractive feature is that the program will automatically update a “Past Due” stamp over the invoices that have crossed their due dates. This feature will help in tracking debts and accounts receivables.
  • Search Chart of Accounts: This option enables the bookkeepers of a business to easily track any account or sub-account for speedy accounting.
  • Cash/Accrual Toggle: The software makes it easier to filter results with cash or accruals. This way, a business can compare their performance on a cash and accrual basis.
  • Payroll Liability Reminder: Another great feature is that it reminds a business of their upcoming liabilities.

QuickBooks Premier

QuickBooks Premier has almost every feature of QuickBooks Pro with a few additional, attractive features according to the needs of a business. The software has multiple versions that are tailor-made for a business, according to the industry they operate in. Businesses have the option of 6 industries to choose from, such as:

  1. General Business
  2. General Contracting
  3. Non-Profit
  4. Professional Services
  5. Retail
  6. Wholesale & Manufacturing

Additional Features of QuickBooks Premier

  • Multi-Monitor Support: Up to five users.
  • Inventory Reports: Flexible and customized inventory reports.
  • Search Chart of Accounts: Track any account or sub-account of the business.
  • Cash/Accrual Toggle: Compare performance on a cash and accrual basis.
  • With Pro, a business can easily get a snapshot of their customers.
  • The software allows accountants to use the Income Tracker feature which will show all unpaid dues of the company.
  • By using QuickBooks Pro, you can easily extract important data of your customers in an Excel format.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.


 

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Usually, businesses invest a huge amount of capital into their inventory. Even though they have spent so much on their inventory, they tend to manage it through the use of spreadsheets. Just as the financial accounts are handled through bookkeeping software such as QuickBooks, the inventory needs to be managed using an appropriate software as well in order to ensure a smooth handling of data and business operations. 

Thanks to the incredible advancements in technology, there are a huge number of inventory manufacturing softwares that integrate bookkeeping to ensure that your data remains in one place and you do not have to switch applications or software to have access to your important data. When you have the right tools, you can plan your operations in a better manner and run your business efficiently.

The integration of both inventory manufacturing and accounting software enables you to optimize inventory management and gives you a competitive edge as you are able to plan effectively and execute operations with confidence. This also allows you to minimize the costs of labor and errors linked with manual entering of data.

In order to avail the maximum benefits, the integrated solution you choose should be flexible and in real-time whilst offering full transparency to users.

The key benefits of having integrated solutions include:

  1. Inventory will be optimized to meet ROI goals and product availability.
  2. Supply chain partners will be able to have access to your inventory information, knowing when to deliver.
  3. Enables you to create accurate financial reports.

Though there are several other benefits associated with the integration of inventories and accounting systems, the above-mentioned three will have a huge impact on your business. It will enable you to propel your business forward by effective planning and management of resources at hand.

Optimization of Inventory

Using an integrated software provides immense benefits to both the customer and the investor. Customers are always in search of ‘fresh’ products and investors do not like having any working capital stuck in inventory. Creating a balance between the two is a tricky endeavor, as storing extra inventory causes a lot of money wasted.

In order to plan and get the right amount of inventory, your sales order, purchase order, and other planning systems should have a clear view of your inventory that is in ‘real-time’.

Visibility for Supply Chain Partners

Several companies use supply-chain partners for effective stock and inventory management, along with the management of customer shipments. In order for effective management to take place, the inventory system must be linked with the business’s back-office systems, along with third parties such as suppliers. When the data regarding fluctuating stock levels is made available to your suppliers, they can ensure prompt delivery of goods whenever required.

Creation of Accurate Financial Reports

It is extremely crucial to make sure that annual financial reports and tax returns are accurate for investors and the government.  Most of your assets could be in the form of inventory value, therefore the assets stated in the report must reflect the physical value present in your warehouse. If you want to create accurate financial reports, you need to have an integrated solution that combines the inventory system transactions with the back-office accounts.

Here are the total features you will be able to access from an integrated solution that will enable you to achieve smooth business operations:

  1. Billing of Items
  2. Forming Assemblies
  3. Management of the Inventory
  4. Entering and Processing Orders
  5. Production Control
  6. CRM – Contact Management
  7. Kitting
  8. Scanning of Barcode
  9. General Ledger and Bank Management
  10. Configuration of Products

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.